2020.02.2812:40:00UTC+00U.S. Personal Income Climbs More Than Expected In January

While the Commerce Department released a report on Friday showing U.S. personal income increased by much more than expected in the month of January, the report also showed a smaller than expected uptick in personal spending.

The report said personal income climbed by 0.6 percent in January after inching up by a downwardly revised 0.1 percent in December.

Economists had expected personal spending to rise by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.

Meanwhile, the Commerce Department said personal spending rose by 0.2 percent in January after climbing by an upwardly revised 0.4 percent in December.

Personal spending had been expected to rise by 0.3 percent, matching the increase originally reported for the previous month.